交易所环保问询对企业环境信息操纵的影响  

The Influence of Exchange’s Environmental Inquiry on Corporate Environmental Information Manipulation

作　　者：龙立 王含含 Long Li;Wang Hanhan

机构地区：[1]湖南工商大学会计学院,湖南长沙410205

出　　处：《上海金融》2024年第10期3-17,54,共16页Shanghai Finance

基　　金：国家社会科学基金项目“经济下行压力下投资者情绪与上市公司信息操纵交互影响及其风险治理研究”(项目编号:22BGL089);湖南省研究生科研创新项目“投资者环境风险感知与企业ESG漂绿:作用机制与经济后果”(项目编号:CX20240953)。

摘　　要：本文基于2015-2022年沪深A股非金融上市公司数据,考察交易所环保问询对企业环境信息操纵行为的影响。研究发现:交易所环保问询能够有效抑制企业环境信息操纵,且在非重污染行业、市场竞争激烈及治理水平低的企业中更为显著。机制分析发现,交易所环保问询能够提升高管环保认知、吸引机构投资者调研和增加媒体监督压力,进而约束企业环境信息操纵行为。进一步研究发现,交易所环保问询与政府环境规制、分析师关注和审计师行业专长之间存在替代效应,同时环保问询对企业环境信息操纵的约束有效降低了企业的股价崩盘风险。此外,与其他问询函相比,环保问询函对企业环境信息操纵行为具有专项监管成效。本文扩展了交易所问询对企业策略性披露行为的影响研究,并为构建多主体协同治理机制提供了参考借鉴。Based on the data of non-financial listed companies in Shanghai and Shenzhen A-share markets from 2015 to 2022,this paper examines the impact of exchange’s environmental inquiries on corporate environmental information manipulation.The study finds that environmental inquiries can effectively inhibit corporate environmental information manipulation,particularly in non-heavily polluting industries,industries facing fierce market competition,and firms with low governance levels.Mechanism analysis reveals that exchange’s environmental inquiries can enhance senior executives’awareness of environmental protection,attract institutional investors for research,and intensify external media supervision pressure,thereby constraining corporate environmental information manipulation.Further research finds that there exists a substitution effect among the exchange’s environmental inquiries,government environmental regulations,analyst attention,and auditors’industry expertise.Meanwhile,the constraint of environmental inquiries on corporate environmental information manipulation effectively reduces the risk of corporate stock price crashes.Moreover,compared to other inquiry letters,environmental inquiry letters exhibit a unique and effective regulatory impact specifically in curbing corporate manipulation of environmental information.This paper extends the research on the impact of exchange inquiries on corporate strategic disclosure behaviors and provides a reference for constructing a multi-agent collaborative governance mechanism.

关 键 词：环保问询 环境信息操纵 治理效应 

分 类 号：F832[经济管理—金融学]